Tough morning for stocks thus far as disappointing figures came out for a few large companies. Furthermore, Federal Reserve Chairman Ben Bernanke has hinted that he might not continue on in his position for another term. We have seen a couple of sharp turns early in rates. Stay tuned for what might end up being a turbulent day!
This daily mortgage interest rate report is designed to provide Borrowers & Real Estate Profesionals with factual data regarding where rates are at any given time and what trends are propelling current mortgage pricing on any given day. Feel free to browse the library and research historical rate updates dating back nearly 2 years at www.JasonGordon.info whenever desired. Also, make sure to learn about THE TRUTH BEHIND MORTGAGE QUOTES to better understand the relationship between up-front closing costs and mortgage interest rates so you don't get duped by clever advertising campaigns.
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Tuesday 10-23-2012 and will help you understand today's best mortgage rates. If you are a Buyer/Borrower who is still on the fence (or if you are a Real Estate Agent attempting to educate your "on the fence" Buyer), please review these trends and secure an historically low interest rate before it is too late.
The market closed Monday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Monday's WORSENING netted a change of 3 basis points (bps).
(hint: upward activity is good, downward activity is bad)
The following chart shows market activity thus far today:
The following chart shows market activity over the past 10 days (hint: green is good, red is bad):
The following chart shows market activity over the past 1 month:
Daily Interest Rate Snapshot (sample of rates from one of the country's largest Lenders...individual pricing will vary based on specific Borrower qualifications): NOTE: This Lender has quoted a 1.00% Origination Fee (1 Point) to accompany this pricing. It bears noting that this chart does not necessarily represent todays best mortgage rates.
Market Commentary (Neil Trenerry)
FNMA 30-Year:
2.5 Coupon: Open 102.000 Change 0.313
3.0 Coupon: Open 104.688 Change 0.313
3.5 Coupon: Open 106.344 Change 0.188
Treasuries:
5 Year: Open 99.320 Change 0.063 Yield 0.766
10 Year: Open 98.688 Change 0.234 Yield 1.771
30 Year: Open 96.531 Change 0.438 Yield 2.925
Key Economic Data:
EUR/USD: Open 1.3059 Change -0.0094
GBP/USD: Open 1.6013 Change -0.0062
USD/JPY: Open 79.940 Change -0.060
Oil: Open 86.80 Change -1.86
Key Economic Data:
ICSC chain stories
Week-on-week: Actual -0.7%, Last 0.0%.
Year-on-year: Actual 2.9%, Last 2.7%.
Redbook
Month-on-month: Actual -1.7%, Last -1.5%.
Year-on-year: Actual 1.3%, Last 1.8%
7:00: Rich Fed for Oct
Comp index: Last 4
Service index: Last 11
Manu shipments: Last 9.
Advice:
Again with little news for help. I would expect the market to hold these levels, with the possibility of some improvement.
My position on MBS stays Long.
Trusted Industry Advisor
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon. As a Certified Mortgage Planning Specialist (CMPS) Certified Distressed Property Expert (CDPE) and Certified Mortgage Coach (CMC), Jason E Gordon utilizes his advanced training to examine a prospective Client's complete financial picture, while carefully listening to their overall goals. If it is mutually agreed that a new loan makes sense to pursue, Jason strives to make the entire loan process as seamless as possible. He truly believes that providing open communication and patient educational guidance to his Clients and Business Alliances has been a pivotal component to building his business, while enhancing his reputation in the Mortgage Industry as a Trusted Advisor. Visit www.jasongordon.net or www.ApprovingSD.com or more information.
Click here for daily mortgage interest rate updates and projections for San Diego's lowest mortgage rates
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